Lee Jae-woong Returns to Socar as Chairman of the Board After Six Years

Former Socar CEO Jaewoong Lee is returning to the frontlines of management after six years. Lee, who is the founder of the portal site Daum and also the largest shareholder of Socar, is expected to return as chairman of the Socar board of directors following the regular general shareholders' meeting scheduled for March next year. He is anticipated to lead efforts to strengthen the competitiveness of the company’s core business and drive organizational innovation.

According to industry sources on December 31, Socar CEO Park Jaewook informed employees of Lee’s return during a town hall meeting held at the company’s headquarters in Seongdong-gu on December 29.

Jaewoong Lee, CEO of Socar, is speaking at the discussion titled "Ban the Ban on Tada Ban Law," hosted by the nonprofit organization Open Net, held on January 16, 2020, at Seonghong Tower in Gangnam-gu, Seoul. Photo by Moon Honam munonam@

Upon his return as chairman of the board, Lee will be responsible for setting the overall strategic direction of management, as well as overseeing the enhancement of the car-sharing service and organizational innovation. The specific position he will assume is still under discussion internally.

In addition, CEO Park has outlined a plan to establish a “one team” system by dividing roles, with himself focusing on new businesses such as autonomous driving.

Lee stepped down as CEO of Socar in March 2020 after the so-called “Tada Ban Law”-an amendment to the Passenger Transport Service Act-passed the National Assembly. In subsequent legal proceedings related to Tada, the Supreme Court ultimately acquitted Lee and former VCNC CEO Park Jaewook, who operated Tada, in June 2023.